“Orient Insurance”, part of Al-Futtaim Group, announced that it has completed the acquisition of shares belonging to the “Abu Dhabi Commercial Bank” Group in “Orient UNB Takaful” (a public joint stock company), amounting to 49.06% of the company’s shares, and the deal value amounted to AED 77 Million.
Omar Elamin, President – Orient, said that the completion of the deal comes in light of Orient’s keenness to increase its contribution to the Takaful insurance market in the UAE. Orient UNB Takaful achieved a profit of six million dirhams in 2020, in the third year of its operations. Mr Elamin added “This is a good achievement, as the first three years witness the formation of technical reserves with which it is difficult to achieve profits.”
Orient Insurance, whose current ownership after the deal reaches 83.9%, has bought the stakes from Abu Dhabi Commercial Bank and Al Wifaq Finance. Last November, Abu Dhabi Commercial Bank agreed to sell its 49% stake in “Orient UNB Takaful, UAE” and its 20% stake in “Orient Takaful Insurance, Egypt” company in favor of the “Orient Insurance” company. It is noteworthy that “Orient” has a Takaful insurance company in Egypt and is considered one of the most successful companies operating in the market, as it achieved profits of 147 million Egyptian pounds in the year 2020.